Hyderabad: The Directorate of Enforcement (ED) carried out searches at seven locations in and around Hyderabad under the provisions of the Foreign Exchange Management Act, 1999, said an official release.
“ED carried out searches on February 13 at seven locations in and around Hyderabad linked to M/s Kings Group of companies and its associated individuals and entities under the provisions of the FEMA, 1999,” the official release said.
During the searches, digital devices, unaccounted cash worth Rs 76.5 lakhs, foreign currency worth around Rs 1.5 lakh and various incriminating documents were recovered and seized.
Incriminating documents related to domestic as well as international hawala worth several crores and Benami properties were also recovered and seized.
ED initiated an investigation based on information that M/s Kings Group of companies represented by Mohammed Shahnawaz and Mohammed Zubairuddin, in association with other individuals and entities, made various overseas investments, including in the UAE and the UK, in contravention of FEMA provisions.
As per the release, intelligence also indicated their involvement in illegal foreign exchange through the hawala network.
Further investigation is in progress.
